Autonomous expenditure is a type of expenditure that does not depend on
A) GDP. B) wealth. C) expectations. D) rates.
A
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When society must decrease the production of something in order to produce more of another good or service, society has necessarily achieved
A) only production efficiency. B) only allocative efficiency. C) both production efficiency and allocative efficiency. D) a free lunch. E) the maximum opportunity cost..
If a person is risk averse, then she has negative marginal utility of wealth
Indicate whether the statement is true or false
Which of the following is most likely produced in a monopolistically competitive market?
a. restaurant meals b. computer chips c. firewood d. motorcycles e. soft drink
Macro equilibrium is established at which price level, given AD1 and AS1 in Figure 8.3?
A) P1.
B) P2.
C) P3.
D) P4.